Blockchains and Web3

What is Blockchain?

The well liked definition of blockchain is "a time-stamped system in which a record of immutable transactions made in bitcoin or another cryptocurrency are maintained across clusters of computers that are linked in a peer-to-peer network. ” One and all “block” of data are secured and bound to each other using cryptographic principles that form a “chain.” A blockchain network has no central authority because it is technically a shared ledger. The information contained in a blockchain network can be seen by anyone, which means it is completely transparent. Subsequently, each one involved in the network is accountable for his or her actions.

Using blockchain, one can pass information very safely, simply and in an automated way from point A to point B.  On one end, a transaction is initiated by the party creating a block. The block is then verified by thousands, or even millions, of computers spread across the internet. After verification, the block is added to a chain that is kept over the network, creating a distinct record with a unique history which is decentralized and distributed. Hereafter, it wouldn't be possible for hackers to falsify a single record as they would need to access and take over the data on all linked computers at precisely the same time.

‍The blockchain maximizes accessibility, security and accountability. It not only allows the user to transfer and store money, it can also replace all processes and business models that rely on charging a fee because blockchain transactions are free.

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